Dogecoin Up 6%, Shiba Inu Surges 14%: What’s Going On With The Meme Coin Kings?
By Benzinga
Meme coin leaders Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) are picking up steam and could rise even further, according to predictions.
What Happened: Shiba Inu’s burn rate increased by 640.7%, as around 1 million SHIB coins were burned in a single transaction, according to Shibburn data. Over the past 24 hours, the Shiba Inu ecosystem removed 5.56 million SHIB coins.
Lucie, Shiba Inu’s marketing lead, announced the SHI stablecoin, which will be the key development for stability and utility for the Shibarium ecosystem. SHI was first launched by Ryoshi in 2021 to function as a stable, decentralized currency.
Crypto chart analyst Ali Martinez stated that over the past 48 hours, Dogecoin whales purchased more than 1.4 billion DOGE, worth $140 million. A significant movement in whale transactions sparked speculation if there is anything major coming up for the meme coin.
Dogecoin has surged past $0.111 resistance, where around 62,270 addresses hold over 36 billion DOGE. The analyst commented, “If DOGE holds this level, it could confirm a bullish breakout. With no major supply walls in sight, the path to $0.150 looks clear.”
Another crypto trader predicts an explosive rally for Dogecoin, as the final phase expansion is about to begin for this cycle.
Also Read: ‘Dogecoin Killer’ Shiba Inu’s Burn Rate And Whale Transactions Are Surging: What Is Going On?
Why It Matters: IntoTheBlock data shows a decrease of 38.8% in Dogecoin’s large transaction volume and a 4.6% drop in daily active addresses. Transactions greater than $100,000 are down from 299 to 223 in a single day. Exchanges netflows decreased by 106.4%.
On the other hand, Shiba Inu’s price rally caused a spike of 32.8% in large transaction volume and a 24.1% increase in daily active addresses. Transactions greater than $100,000 surged from 47 to 131 in a single day.
Shibariumscan data shows daily transactions increased from 6,210 to 8,030 in a single day, while new contracts surged from 21 to 37 during the same period.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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